3pm update - underlying upside pressure

Yesterday saw a somewhat weak closing hour, yet today, with the morning reversal, we're likely to see underlying upward pressure into the close as equity bears continue to bail. Metals are holding moderate gains, Gold +$7. VIX is merely melting lower -5.3% in the 14.60s.


sp'weekly8

Summary

*ignoring the smaller cycles...and eyes on the bigger prize. A key inter'3 top...around the time of the next FOMC. Viable upside to 1880/1920...although that might even be a slight under-estimate.

Anyway, we'll see where we are..when Yellen next appears.
--

Considering the Wednesday weakness, equity bulls should be content with ANY close above the hourly 10MA of 1835.


3.07pm.. Gold starting to another wave....Gold +$11, the $1400s look viable, but I'm certainly not one of the 'Gold $2000 by end 2014' people.


3.33pm.. Gold +$13....which is really helping the miners, GDX +3.6%


3.52pm.... market on the edge of a key break....a gap straight into the 1850s is viable tomorrow...but more likely...Monday.

Regardless..bears didn't manage two consecutive down days.   back at the close.